Gold and Silver Stocks Jump as Gold Nears Record High

Tiger Newspress07-16

Gold and silver stocks jumped in morning trading as gold neared record high.

Gold edged closer to an all-time high as expectations for Federal Reserve rate cuts grow and some traders ramped up bets on a second Donald Trump presidency.

Bullion rose as high as $2,444.06 an ounce, just $6 short of the previous record set in late May. Traders see two quarter-point rate reductions this year — typically benefiting the non-interest bearing precious metal — as inflation cools. A recent uptick in holdings by exchange-traded funds is also aiding upward momentum.

Gold is 18% higher for the year, boosted by anticipation of Fed loosening, as well as significant buying by central banks. Geopolitical tensions have also supported the precious metal, which is traditionally seen as a safe-haven asset.

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